New York - Video game publisher Take-Two, creators of the "Grand Theft Auto" franchise, is now the subject of a formal investigation by the Securities and Exchange Commission (SEC) into its stock options granting practices, the company said in a regulatory filing.

Take-Two's former chief executive Ryan Brant in February became the first CEO to be convicted of "backdating" stock options, or changing the date on which they were granted to make them more valuable to employees.

Some 200 other companies have also either launched internal investigations into backdating, or are the subject of federal probes.

Aside from the stock options controversy, Take-Two continues to see fallout in the form of lawsuits related to the discovery of sexually explicit content in its "Grand Theft Auto" game.

Last week, a dissident shareholder group ousted the company's president and CEO, Paul Eibeler, along with five of Take-Two's six board members.

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